Every Day Drivers Waste Money On Cars

How much do you spend on your car? 

According to a study run by Pony Parts, we spend on average $335,080 in our lifetime on our vehicles. To put this figure into context, it’s the equivalent of 10% of our lifetime earnings with a bachelor’s degree. There are only two terrifying facts about this. First of all, not everyone has a bachelor’s degree and can claim the same kind of earnings. What feels like 10% for one household, could be 20%, 30% or even more for another family. Secondly, everybody and their grandma owns a car, which means that even though we are not all on a comfortable salary, we still have to make ends meet for our vehicle. That’s a tremendously big ouch for your budget. 

However, what’s even more worrying about our car expenses and budget, is how much many of us overspend without even noticing. Indeed, there is no need to make car ownership more difficult when you can keep your costs down and your car on the road. Here are a few tips to spend less than 10% of your lifetime earnings on your vehicle: 

Pexels - CC0 License 

Your priority: Finding the right vehicle for you

There is such a thing as the right vehicle for you. Typically, if you’re going to save money on the purchase of your car, it’s a good idea to consider used models that have still plenty of life in them and a budget-friendly price tag. Indeed, if you consider depreciation, new cars lose most of their value during the first couple of years. Buying a second-hand vehicle ensures the best value for the price as long as you know how to choose the right car. Your budget plays a significant role in your decision. However, you need to also consider car dealership practices vs. private sellers’. You’re more likely to get a better deal via a trustworthy professional who can offer protection and repair in case of problems. Another factor that affects the purchase is how long you intend to keep the car before getting rid of it. Anything that doesn’t meet your criteria is a waste of money! 

Investing in maintenance saves you a lot of troubles

Does it need saying? Your car requires regular maintenance, even when everything seems to be running smoothly. The best time to maintain your vehicle and let professionals perform all the common automotive services from oil changes to basic repairs is when you don’t have any complaints. Indeed, fixing small issues before they have the potential to grow is the safest way to avoid dramatic expenses in the future. 

Modifying your vehicle is a bad idea

If you think about it, your car serves one clear purpose, which is to take you from A to B. It is a commuting machine that gets you to work every day, drives the kids to school and helps you to bring your groceries back home. As such, it’s a tool that makes your life easier. Your car doesn’t need to be modified to fulfill its primary functions. Modifying your car is a popular trend when it comes to injecting some personality to the model, but at the end of the day, it’s a waste of money.  Indeed, you’re likely to struggle to get a profitable resale value with a modified vehicle. Most buyers prefer stock models. Additionally, your insurance costs are likely to go through the roof! 

Getting your hands dirty

How many drivers can roll up their sleeves and fix their cars? There are a lot of things that, as a car owner, you can learn how to do to maintain your vehicle and cut costs. Something as simple as changing your brake pads yourself can be done in a matter of a few hours on your drive if you’ve got the right tools. More importantly, as you learn to change your brakes, your wheels, or even your oil, you develop a deeper understanding of mechanics. In the long term, fixing your car yourself makes you a better driver and enhances your awareness of issues. You can get things fixed more rapidly as you can easily explain where the problem lies. 

Waxing is not just for the looks

Everybody washes their car. Waxing it, however, is not as common. As a car owner, you need to wax the body regularly as it provides protection against the elements. Indeed, your car is constantly exposed to sunlight, oxidation, salt, and maybe even acid rain. A coat of wax, however, can act as a shield that preserves your paint and protects the body from rust. 

In conclusion, if you’ve been looking at cutting down costs on your vehicle, be warned that it takes more than reducing your insurance cover. In fact, you’d be better off maintaining the same cover while learning how to prolong your vehicle’s life.